Life just got tougher for half of all variable rate borrowers
Variable rate home loan interest rate hikes took effect on Friday, as borrowers refinance in record numbers and a new study reveals the dire need for better coordination of social and affordable housing.
Aussies with a $500,000 mortgage are facing a $735 a month hit to their family budget. (Image source: Shutterstock.com)
Australian borrowers are in a mad scramble to refinance their loans and for millions of variable mortgage customers, Friday (14 October) delivered a whole new level of urgency to their quest for more competitive loan terms.
More than half of Australia’s variable mortgage customers will see their rates rise by 0.25 percentage points from Friday as CBA, NAB, ANZ and Macquarie’s October RBA rate hikes take effect.
There is some breathing space and…
